Loan Limits Increased for 2023
We’ve got positive news on both rates and loan limits today. Combined these two updates can save homebuyers and owners a bunch of time and money on their loans! So first up with rates, the FED has quickly become a little less intense on rate hikes and Jerome Powell himself even appears to be easing his super-hawkish stance on future hikes. With the probability of smaller hikes in the future, mortgage rates have responded favorably and even had the biggest weekly rate drop in 40 years the week before Thanksgiving. Tracking these rate drops often refers to conventional loans and just this week the conventional loan limits officially increased to $726,000. This comes as great news as more home buyers will now qualify for conventional financing and the lower rates and easier qualifications that come with conventional loans. The FHA has also increased their county loan limits to $472,000 which again helps more homeowners and buyers take advantage of the program. A rare glimpse of good news from the mortgage world this week. Let’s keep the positive vibes going